This new manufacturing facility further solidifies our foothold in South America. Construction on this facility was completed in the second quarter of 2018. In Australia,

this new manufacturing facility further solidifies our foothold in south america construction on this facility was completed in the second quarter of 2018 in australia


want to look at and get comfortable with to be able to assess appropriate disease progression. And you said in the next weeks or months, do you have a better sense of timing on that?

want to look at and get comfortable with to be able to assess appropriate disease progression and you said in the next weeks or months do you have a better sense of timing on that


What the priorities are depends a little bit on whether -- if and when we partner. So we have thought very carefully about a few of these indications, not all of them.

what the priorities are depends a little bit on whether if and when we partner so we have thought very carefully about a few of these indications not all of them


Copies of these filings can be found in the Investors section of our website. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise.

copies of these filings can be found in the investors section of our website we undertake no obligation to update any forward-looking statement whether as a result of new information future developments or otherwise


And when we presented our Q3 numbers, we had the good news of the fact that we've won the court case with the CBb. And I don't know how to translate in English CBb, but

and when we presented our q3 numbers we had the good news of the fact that we won the court case with the cbb and i don't know how to translate in english cbb but


with all the related activities, that's highly, highly unlikely, not going to happen, and we're going to look at other options. We're going to be visiting with their executives in the very near future

and with all the related activities that's highly highly unlikely not going to happen and we're going to look at other options we're going to be visiting with their executives in the very near future


with acceleration in Hyperion Imaging Systems and Helios systems. We are seeing a significant pipeline of prospects over the coming quarters, contributing to a larger funnel compared to last year at this time.

with acceleration in hyperion imaging systems and helios systems we are seeing a significant pipeline of prospects over the coming quarters contributing to a larger funnel compared to last year at this time


It is early as we are launching these apps in a phased rollout, but we're already starting to see a positive response as clients see the new value we're able to deliver to them, especially around shipping.

it is early as we are launching these apps in a phased rollout but we're already starting to see a positive response as clients see the new value we're able to deliver to them especially around shipping


and prudently balancing our capital allocation by investing in platforms for growth while providing direct returns to our owners in the form of share repurchases. Our continued share repurchases reflect our ongoing confidence

and prudently balancing our capital allocation by investing in platforms for growth while providing direct returns to our owners in the form of share repurchases our continued share repurchases reflect our ongoing confidence


We've checked that off and done it effectively. We then said we're going to restructure the organization and become a consolidated solution provider, both in structure, in approach and in strategy.

we've checked that off and done it effectively we then said we're going to restructure the organization and become a consolidated solution provider both in structure in approach and in strategy


relatively oblique questioning of some of our large clients, specifically around our analytics solution much like we did with Entrada. And I've got to tell you, the appetite is high within our client base for these types of solutions.

relatively oblique questioning of some of our large clients specifically around our analytics solution much like we did with entrada and i got to tell you the appetite is high within our client base for these types of solutions


and some are a little further than that where the platforms already there and so we have not committed to as much build-out. So as an example, Frankfurt 11, we did not indicate what level of building.

and some are a little further than that where the platforms are already there and so we have not committed to as much build-out so as an example frankfurt 11 we did not indicate what level of building


Given their good results to date, we are increasing spending on advertising for in Jelly and in bar as we seek to firmly establish the in brand.

given their good results to date we are increasing spending on advertising for in jelly and in bar as we seek to firmly establish the in brand


We don't have a formal metric that we're measuring on a book-to-bill ratio in our electronics business. It is a fairly short cycle. We're working with all of our customers there to be projecting

we don't have a formal metric that we're measuring on a book-to-bill ratio in our electronics business it is a fairly short cycle we're working with all of our customers there to be projecting


Similar to the first half of the year, we are taking a cautious stance on auto given the elevated severity and frequency trends we are experiencing. However, property reserves continue to develop favorably.

similar to the first half of the year we are taking a cautious stance on auto given the elevated severity and frequency trends we are experiencing however property reserves continue to develop favorably


We think we can reach our internal targets and as we get to the end of the game, we want to make sure that we're winning. And so I suspect that our whole team is focused on trying to make sure that we're doing the right thing

we think we can reach our internal targets and as we get to the end of the game we want to make sure that we're winning and so i suspect that our whole team is focused on trying to make sure that we're doing the right thing


I'll begin our report to you this morning. Randy will follow with a more detailed review of our financial results and provide you with added insight into our performance, and we'll be happy to take your questions.

i'll begin our report to you this morning rainey will follow with a more detailed review of our financial results and provide you with added insight into our performance and we'll be happy to take your questions


And one of the requirements that Amazon has to be preferred, not just a reseller, is that you have to be able to ship within 24 hours. And we're making the technology and human capital adjustments

and one of the requirements that amazon has to be preferred not just a reseller is that you have to be able to ship within 24 hours and we're making the technology and human capital adjustments


But that said, as we know, we have a number of things that we'd like to get accomplished this time, so if we need to take this case to full litigation, we will. And our objective will be not to delay any of the procedural deadlines.

but that said as we know we have a number of things that we'd like to get accomplished this time so if we need to take this case to full litigation we will and our objective will be not to delay any of the procedural deadlines


yes. All right. Understood. And then the last one for me is, as I think about the '18 EBITDA guidance, it would seem to imply a return to store margin expansion

yes all right understood and then the last one for me is i think about the '18 ebitda guidance it would seem to imply a return to store margin expansion


that the whole energy space has been affected. We saw this in '09. And that's why we're trying to stress the stability of our niche in the energy market

that the whole energy space has been affected we saw this in '09 and that's why we're trying to stress the stability of our niche in the energy market


can you surmise why that might be the case? Were they a little bit more severe or they just more responsive? Can you just -- do you have any kind of theories as to why they might be getting a slightly better response?

can you surmise why that might be the case were they a little bit more severe or are they just more responsive can you just -- do you have any kind of theories as to why they might be getting a slightly better response


It's sort of another -- it's sort of an embodiment of what Cory spoke to. Look, the team has done a continually excellent job of finding expense in nickels and dimes to take out of the legacy business

it's sort of another -- and it's sort of an embodiment of what cory spoke to look the team has done a continually excellent job of finding expense in nickels and dimes to take out of the legacy business


since Orange Life Insurance was included as the fourth subsidiary in the nonbanking sector, the insurance segment's income basis was expanded

since orange life insurance was included as the fourth subsidiary in the banking sector the insurance segment income basis was expanded


Actual results may be different. Factors that may cause actual results to differ include those identified in our annual report on Form 10-K and our earnings press release.

actual results may be different factors that may cause actual results to differ include those identified in our annual report on form 10-k and our earnings press release


So the integration actually went extremely well. And then on the other side of the business, and I'm going to flip it over a little bit, is the potato starch business has been one of those ones that's added great value to our customers as well because

so the integration actually went extremely well and then on the other side of the business i'm going to flip it over a little bit because the potato starch business has been one of those ones that added great value to our customers as well because


And a productive immune response against the virus by the patient or 0 conversion. And the combination of those 2 is generally agreed to be a functional cure and is

and the -- and a productive immune response against the virus by the patient or seroconversion and the combination of those 2 is generally agreed to be a functional cure and is


mix and declining commercial in the quarter. Just anything in specific that you can spike out there or is that just my sort of demographics related? And what you're expecting around that for the remainder of the year?

mix and decline in commercial in the quarter just anything in specific that you can spike out there or is that just more sort of demographics related and what you're expecting around that for the remainder of the year


our Polymer segment has been delivering solid growth in sales volume and improved profitability since the first quarter of 2017. And since the first quarter of 2017, we have seen improved unit margins in our Chemical segment.

our polymer segment has been delivering solid growth in sales volume and improved profitability since the first quarter of 2017 and since the first quarter of 2017 we have seen improved unit margins in our chemicals segment


All the work that we've done, the feedback that we've received and everything looks very encouraging, but it has taken considerably longer than we ever thought. So that's kind of moved that project out a little. And then finally,

all the work that we've done the feedback that we received and everything looks very encouraging but it has taken considerably longer than we ever thought so that's kind of moved that project down a little and then finally


Just circling back to distributions really quick, when was the decision made to cut the distribution? I mean, was it made very recently or has it been under consideration for some time?

just circling back to distributions really quick when was the decision made to cut the distribution i mean was it made very recently or has it been under consideration for some time


and involve a number of risks and uncertainties. Actual results may differ materially as a result of a number of factors including those described from time to time in our filings with the SEC.

and involve a number of risks and uncertainties actual results may differ materially as a result of a number of factors including those described from time to time in our filings with the sec


Our total recurring revenues associated with both Waters and TA products grew by 8%. Looking at our growth rates in the fourth quarter geographically and before currency translation.

our total recurring revenues associated with both waters and ta products grew by 8% looking at our growth rates in the fourth quarter geographically and before currency translation


the package we put together for the Common Core. And then that drove a next level of solution, which became this version of, okay, we've got all of these students digital testing,

the package we put together for the common core and then that drove a next level of solution which became this version of okay we've got all of these students digital testing


the provision for credit losses as well as the level of growth impaired at this stage of a recovery out of an economic recession. So that was a portfolio comment and not specific to these 2 clients.

the provision for credit losses as well as the level of gross impairments at this stage of a recovery out of an economic recession so that was a portfolio comment and not specific to these 2 clients


we don't see them going back to bupivacaine once bupivacaine becomes available again. So we think that it is spotty but that it is important and another leverage point for us.

we don't see them going back to bupivacaine once bupivacaine becomes available again so we think that it is spotty but it is important and another leverage point for us


to standardize their ability to bill for EXPAREL across the continuum way more than Medicare. So in terms of a qualitative impact of that change,

to standardize their ability to build for exparel across the continuum way more than medicare so in terms of a qualitative impact of that change


Not surprisingly, I'm just really pleased with our organization's demonstrable agility in delivering both organic growth and operating leverage in such a dynamic operating environment.

not surprisingly i'm just really pleased with our organization's demonstrable agility in delivering both organic growth and operating leverage in such a dynamic operating environment


We attribute the late year acquisition focus to us first putting in place the optimal capital structure that we think best facilitates growth going forward and then focusing on acquisitions.

we attribute the late-year acquisition focus to us first putting in place the optimal capital structure that we think best facilitates growth going forward and then focusing on acquisitions


This was also an important quarter in terms of enhancements to our investing and managed product offering, defined by a singular vision, to deliver the products our customers want in a way it is extraordinarily easy to use.

this was also an important quarter in terms of enhancements to our investing and managed product offering defined by a singular vision to deliver the products our customers want in a way that is extraordinarily easy to use


We continue to believe our robust construction pipeline is a solid indicator that our customers continue to make investments in expanding their fleets and remain committed to their sustainability goals.

we continue to believe our robust construction pipeline is a solid indicator that our customers continue to make investments in expanding their fleets and remain committed to their sustainability goals


Adjusting for changes like our increased marketing spend and cash payments under our restructuring program, including cash used to fund country exits, our Q1 free cash flow fits within our historical range.

adjusting for changes like our increased marketing spend and cash payments under our restructuring program including cash used to fund country exits our q1 free cash flow fits within our historical range


So I just think that it's a balanced view here, right? We knew the job we had to do, and we have been focused on executing it. And we've also been very responsive and agile in a changing market.

so i just think that it's a balanced view here right we knew the job we had to do and we have been focused on executing it and we've also been very responsive and agile in changing markets


So our focus is trying to identify a light crude -- or pardon me, a heavy crude that can flow in with some of our lights. We've already got one of them approved

so our focus is trying to identify a light crude -- or pardon me a heavy crude that can flow in with some of our lights we've already got one of them approved


Given the various steps required for us to convert including changes to our organizational structure and sales of certain non-real estate related assets, we are not prepared at this time to provide a more precise target completion date.

given the various steps required for us to convert including changes to our organizational structure and sales of certain nonreal estate-related assets we are not prepared at this time to provide a more precise target completion date


we have arrows in our quiver to fund our development pipeline without meaningfully impacting our balance sheet metrics or triggering a prerequisite to issue additional shares.


call it, in the mid-2s. And I think that relationship with -- in terms of what we do with respect to annual bumps across all our leases and then where we've been signing cash rents, I think with

call it in the mid-2s and i think that relationship with -- in terms of what we do with respect to annual bumps across all our leases and then where we've been signing cash rents i think with


our waste elimination going forward is going to be focused across the entire supply chain, but it's really about running it more efficiently in every part of the business, and so that's what we're working on.

our waste elimination going forward is going to be focused across the entire supply chain but it's really about running it more efficiently in every part of the business and so that's what we're working on


Asset level debt markets are open, private market buyers are active and our sheer volume of recent activity gives us great confidence that we have clarity on current pricing.

asset level debt markets are open private market buyers are active and our sheer volume of recent activity gives us great confidence that we have clarity on current pricing


In transportation, we expect to see improvement in the second half of the year in China as the price of natural gas has returned to traditionally low levels and natural gas vehicles are once again in higher demand.

in transportation we expect to see improvement in the second half of the year in china as the price of natural gas has returned to traditionally low levels and natural gas vehicles are once again in higher demand


This better captures the scope of this business as we look to meet the needs of consumers beyond just traditional foodservice outlets to all Away From Home locations, such as universities and health care facilities.

this better captures the scope of this business as we look to meet the needs of consumers beyond just traditional food service outlets to all away from home locations such as universities and health care facilities


So can you maybe get into a little bit more of what's driving that? Is it -- are your prices just still out of line with where key competitors are and you just need to make that adjustment? Or what's driving that?

so can you maybe get into a little bit more of what's driving that is it -- are your prices just still out of line with where key competitors are and you just need to make that adjustment or what's driving that


will be the beginning of a positive trend in the back half of 2016 and into 2017. We will provide some more color around what to expect for Q1 near the end of the call.

will be the beginning of a positive trend in the back half of 2016 and into 2017 we will provide some more color around what to expect for q1 near the end of the call


to achieve a range of outcomes, including minimizing the cost of capital, lengthening the debt maturity and duration, maintaining our credit ratings and accessing diverse sources of debt.

to achieve a range of outcomes including minimizing the cost of capital lengthening the debt maturity and duration maintaining our credit ratings and accessing diverse sources of debt


These missed steps ultimately undermined brand strength and pricing power, while gross productivity was insufficient to make up for operational offsets like a major product recall.

these missteps ultimately undermined brand strength and pricing power while gross productivity was insufficient to make up for operational offsets like a major product recall


During the peak winter season, stocks of thermal coal of power plants in both India and China reached uncomfortably low levels, prompting both governments to allow additional coal imports to maintain power supply.

during the peak winter season stocks of thermal coal at power plants in both india and china reached uncomfortably low levels prompting both governments to allow additional coal imports to maintain power supply


Now if you -- we don't like to go into the minutia of how many patients are on this path and the other version of our drug. And as you could tell from my introductory remarks,

now if you -- we don't like to go into the minutiae of how many patients are on this that and the other version of our drug and as you could tell from my introductory remarks


Our estimates include known revenue synergies which approximately offsets lost revenue related to divestitures. Through execution of our strategy, we expect to continue to grow the income across all sources.

our estimates include known revenue synergies which approximately offsets lost revenue related to divestitures through execution of our strategy we expect to continue to grow fee income across all sources


in terms of markets being stronger or weaker is in addition to these inventory builds, you've got markets on the strong side that have just a greater diversity of product outlets

in terms of markets being stronger or weaker is in addition to these inventory builds you've got markets on the strong side that have just a greater diversity of product outlets


And a lot of that in the back office is manual so the new system is a little bit harder and more cumbersome, I think, is probably the easiest way for -- as a lay person to describe it.

and a lot of that in the back office is manual so the new system is a little bit harder and more cumbersome i think is probably the easiest way for -- as a lay person to describe it


picking good acquisitions 20 years ago, spending a lot of time on new product development developing those businesses, investing in the sales and technical forces, and I think that's culminating in us having a very strong position

picking good acquisitions 20 years ago spending a lot of time on new product development developing those businesses investing in the sales and technical forces and i think that's culminating in us having a very strong position


There are other organic projects that recently came online or are underway including the Longview rail facility that recently commenced operations and the Permian off-spec facility that will be online in the second quarter.

there are other organic projects that recently came online or are underway including the longview rail facility that recently commenced operations and the permian ospec facility that will be online in the second quarter


The third pillar of our strategy is continued large investment in infrastructure and technology. I mean, in 2016, we've invested the most

the third pillar of our strategy is continued large investment in infrastructure and technology i mean in 2016 we've invested the most


across all those countries. As another example of the acceptance by the consumer, within our Asian business, we've seen a significant improvement in our quality of sale metrics.

across all those countries as another example of the acceptance by the consumer within our asian business we've seen a significant improvement in our quality of sale metrics


initiate and gain traction on to be able to continue to penetrate that space. So we're very optimistic about what we see on the MH side of the business. As it relates to acquisition opportunities, those are still in

to initiate and gain traction on to be able to continue to penetrate that space so we're very optimistic about what we see on the mh side of the business as it relates to acquisition opportunities those are still in


For such measures, reconciliations to the most directly comparable GAAP measures are in the earnings release and in the appendix to the investor presentation. I will now turn the call over to Curt Morgan to kick off our discussion.

for such measures reconciliations to the most directly comparable gaap measures are in the earnings release and in the appendix to the investor presentation i will now turn the call over to kurt morgan to kick off our discussion


In addition, we recorded charges for the write-down of intangibles due to the loss of customers and low future earnings expectations for certain of our operations servicing the energy market.

in addition we recorded charges for the write-down of intangibles due to the loss of customers and lower future earnings expectations for certain of our operations servicing the energy market


Both nominees bring decades of senior leadership experience and a deep financial acumen. I look forward to their joining the board and to leveraging their expertise in the coming years.

both nominees bring decades of senior leadership experience and a deep financial acumen i look forward to their joining the board and to leveraging their expertise in the coming years


admittedly, on our easiest comparison of the year. But the underlying trends across each of our businesses are promising and should provide us some momentum as we go forward.

admittedly on our easiest comparison of the year but the underlying trends across each of our businesses are promising and should provide us some momentum as we go forward


help us continue to win key marketing battles, as we did this quarter, strengthening our portfolio of top performing, environmentally-compliant power plants. Before we open up for questions,

help us continue to win key marketing battles as we did this quarter strengthening our portfolio of top-performing environmentally compliant power plants before we open up for questions


I'm proud of the company we have built over our first 2 years and believe we have one of the safest and most engaged workforce in the industry that drives a high level of execution and performance.

i'm proud of the company we have built over our first 2 years and believe we have one of the safest and most engaged workforce in the industry that drives a high level of execution and performance


In light of this -- in light of the disruptions at the border and very low realization on truck exports at the prevailing benchmark prices, the MNR recommended that Hawler crude should only be sold by the Kurdistan export pipeline.

in light of this -- in light of the disruptions at the border and very low realization on truck exports at the prevailing benchmark prices the m r recommended that holler crude should only be sold via the kurdistan export pipeline


a number of the systems integrators and potential partners in that market, we've had very good progress with over the last 6 months in particular. The other thing that's really important is we've been working

a number of the systems integrators and potential partners in that market we've had very good progress with over the last 6 months in particular the other thing that's really important is we've been working


but not all of that money will accrue to the benefit of 180 shareholders, just a portion of that. And then the question is what do you want that fund to look like. We do not actually -- we've come to the conclusion that we do not want to

but not all of that money will accrue to the benefit of 180 shareholders just a portion of that and then the question is what do you want that fund to look like we do not actually -- we've come to the conclusion that we do not want to


related to the end of the modification periods for executives terminated in the 2015 restructuring event. Most modification periods have now expired, and we expect exercises will decline significantly in the fourth quarter.

related to the end of the modification periods for executives terminated in the 2015 restructuring event most modification periods have now expired and we expect exercises will decline significantly in the fourth quarter


Also, supply of capital into the insurance industry continues to grow at a faster rate than demand for insurance products. So those 2 drivers mean that we should

also supply of capital into the insurance industry continues to grow at a faster rate than demand for insurance products so those 2 drivers mean that we should


First, we're operating in a more competitive environment. We're experiencing it in key categories such as trash bags and Litter, and the competitive dynamics in retail remain elevated.

first we're operating in a more competitive environment we're experiencing it in key categories such as trash bags and litter and the competitive dynamics in retail remain elevated


safe to say the vast majority of the investment in change is completed by the end of 2020? And as part of that, would it be reasonable to think that you'd begin to see some benefits

safe to say the vast majority of the investment in change is completed by the end of 2020 and as part of that would it be reasonable to think that you'd begin to see some benefits


The bottom line here is I think we should get ourselves down to a normal backlog run rate by the end of the year, which means that, yes, it may have some impact on the third quarter, but we should be able to catch up by the time we get to the end of the year.

the bottom line here is i think we should get ourselves down to a normal backlog run rate by the end of the year which means that yes it may have some impact on the third quarter but we should be able to catch up by the time we get to the end of the year


The larger projects we are winning now can support accelerating growth. We are seeing more opportunities in other types of projects beyond our basic energy-focused retrofits of buildings.

the larger projects we are winning now can support accelerating growth we are seeing more opportunities in other types of projects beyond our basic energy-focused retrofits of buildings


and we'll continue to view licenses and partnerships across numerous categories as important long-term opportunities. And Mindy will be talking about some of these more shortly.

and we'll continue to view licenses and partnerships across numerous categories as important long-term opportunities and mindy will be talking about some of these more shortly


I'm not -- that's not necessarily commentary on what's going to happen when we start getting some realistic conversations going on about our shippers. But having a contract,

i'm not -- that's not necessarily commentary on what's going to happen when we start getting some realistic conversations going on about our shippers but having a contract


We saw excellent balanced growth across our loan production with strong increases in all major categories, except for commercial real estate where we're trying to limit the exposure there.

we saw excellent balance growth across our loan production with strong increases in all major categories except for commercial real estate where we're trying to limit the exposure there


Our WaterWolf system recovers oil and removes suspended solids from produced water in a single stage of treatment using hydrocyclone technology that replaces using chemicals, filters or tanks.

our water wolf system recovers oil and removes suspended solids from produced water in a single stage of treatment using hydrocyclone technology that replaces using chemicals filters or tanks


The actions we are taking to build the new business operating framework and to eliminate residual expenses from Health and Employee Benefits will support a more efficient operating model for the future.

the actions we are taking to build the new business operating framework and to eliminate residual expenses from health and employee benefits will support a more efficient operating model for the future


I think this speaks to both the increasing awareness of the performance and breadth of Ares' strategies as well as investors' desire to forge more meaningful partnerships with selected managers of scale.

i think this speaks to both the increasing awareness of the performance and breadth of areas of strategies as well as investors' desire to forge more meaningful partnerships with selected managers of scale


We have already begun supporting the many new kids styles we have introduced for back-to-school with television and in-store campaigns. And we will also be supporting our men's and women's styles with numerous new commercials and accompanying campaigns.

we have already begun supporting the many new kids styles we have introduced for back-to-school with television and in-store campaigns and we will also be supporting our men's and women's styles with numerous new commercials and accompanying campaigns


There are 2 or 3 elements in there and the important one is the location of where results are being made. There is always a little bit of distribution where results are actually coming to bottom line.

there are 2-3 elements in there an important one is the location of where results are being made there's always a little bit of distribution where results are actually coming to bottom line


jointly discuss what the impact of CFIUS holding up the investment from Sinotruk is going to have and how they would like to approach it as well? And then I can -- we'll know much better after those meetings.

we jointly discuss what the impact of cfieus holding up the investment from sinotruck is going to have and how they would like to approach it as well and then i can -- we'll know much better after those meetings


We reference these non-GAAP measures because management uses them, in part to manage the business and to enhance investor understanding of the underlying trends in our business and to provide better comparability between periods in different years.

we reference these non-gaap measures because management uses them in part to manage the business and to enhance investor understanding of the underlying trends in our business and to provide better comparability between periods and different years


focusing on bridging the gaps and the coordination between medical, social and support services in order to tackle the challenges that people living with rare diseases and their families around the world face every day.

focusing on bridging the gaps in the coordination between medical social and support services in order to tackle the challenges that people living with rare diseases and their families around the world face every day


And the combination of the efforts on the business mix as well as on the cost side, we think, will give the company possibility to actually improve its earnings outlook.

and the combination of the efforts on the business mix as well as on the cost side we think will give the company possibility to actually improve its earnings outlook


Our subscription business is where we exercise the most control as opposed to the services business, which is heavily dictated by external factors such as our clients' implementation time lines.

our subscription business is where we exercise the most control as opposed to the services business which is heavily dictated by external factors such as our clients' implementation time lines


Yes, I appreciate the question, Barton, but you can appreciate as is a strategy, it does us no good to talk about specific companies and just -- we just never do. I mean, I appreciate the question. And I think

yes i appreciate the question barton but you can appreciate as a strategy it does us no good to talk about specific companies and just we just never do i mean i appreciate the question and i think


But Presort busy time of the year is actually in January with all the year-end statements. So we're in a process now of taking the labor force and being able to leverage that labor force to help assist during peak.

but pre-sorte busy time of the year is actually in january with all the year-end statements so we're in a process now of taking the labor force and being able to leverage that labor force to help assist during peak


Growth continued in new products that target residential and nonresidential construction, and regions with exposure to oil and gas and general manufacturing recovered from the low set in the fourth quarter of the prior year.

growth continued in new products at target residential and nonresidential construction in regions with exposure to oil and gas and general manufacturing recovered from the lows set in the fourth quarter of the prior year


my CTO will probably reach out to me and give me an even better number after this, but we're moving very quickly with it and we feel very good about that. Now as we move forward, the question is not

my cto will probably reach out to me and give me an even better number after this but we're moving very quickly with it and we feel very good about that now as we move forward the question is not


As previously discussed, the deployment of cloud platforms appears to happen in waves, with the size and location of deployments driven by actual and anticipated end-user demand.

as previously discussed the deployment of cloud platforms appears to happen in waves with the size and location of deployments driven by actual and anticipated end-user demand


While the overall market has grown, sales of our core in Jelly products have expanded steadily as indicated by the index-based bar graph.

while the overall market has grown sales of our core in-jelly products have expanded steadily as indicated by the index-based bar graph


It, therefore, seems our HI-CHEW has become one of America's more commonly consumed candies or perhaps the candy selected by those looking for a somewhat more sophisticated treat.

it therefore seems our haichu has become one of america's more commonly consumed candies or perhaps a candy selected by those looking for a somewhat more sophisticated treat


At the end of the fiscal third quarter, our inventory levels were below last year as we continued to put greater emphasis on improved textbook purchasing and inventory management.

at the end of the fiscal third quarter our inventory levels were below last year as we continued to put greater emphasis on improved textbook purchasing and inventory management


highlighted about 10 digital courses at select universities. Is there any update on how that's going, what type of traction you're seeing and kind of what the feedback from some of the universities, such as Penn State, might be?

piloted about 10 digital courses at select universities is there any update on how that's going what type of traction you're seeing and kind of what the feedback from some of the universities such as penn state might be


in exchange for 8 million shares of common stock as well as convertible preferred stock that if converted in full would equate to another 42 million shares of common stock.


on operating margin expansion in the short term to be able to drive revenue growth. And when we do see those opportunities where we're getting traction in areas where we're making investment, we will double down on those areas and continue to push,

on operating margin expansion in the short term to be able to drive revenue growth and when we do see those opportunities where we're getting traction in areas where we're making investment we will double down in those areas and continue to push


align around what those growth numbers look like. But today in the near term, those growth numbers are in excess of what's been in our IRP. And so we will just have to look at it. And I would like to be able to give you

align around what those growth numbers look like but today in the near term those growth numbers are in excess of what's been in our irp and so we will -- just have to look at it and i would like to be able to give you


Our backlog increased by 8% in the second quarter. And with the anticipated benefits from the federal transportation bill and growing spending in Canada, we are confident growth will continue to improve.

our backlog increased by 8% in the second quarter and with the anticipated benefits from the federal transportation bill and growing spending in canada we are confident growth will continue to improve


we will have one of the strongest balance sheets in the industry, buttressed by the value of our investments in India and in China as well as the strategic partnership with Phoenix.

we will have one of the strongest balance sheets in the industry buttressed by the value of our investments in india and in china as well as the strategic partnership with phoenix


grades that we see throughout the deposit, probably occur at the lowest depths of the open pit. And there are probably areas in that open pit that are higher grade than what we'll see even in some of the underground.

grades that we see throughout the deposit probably occur at the lowest depths of the open pit and there are probably areas in that open pit that are higher grade than what we'll see even in some of the underground


We feel good about the progress we made on our strategic priorities as we grew organically, acquired NPH and delivered operating leverage, while also benefiting from a favorable macro environment.

we feel good about the progress we made on our strategic priorities as we grew organically acquired mph and delivered operating leverage while also benefiting from a favorable macro environment


We will also refer to non-GAAP measures. We request that you review the reconciliations to GAAP statements provided with our earnings news release and today's slides, which are posted on our website.

we will also refer to non-gaap measures we request that you review the reconciliations to gaap statements provided with our earnings news release and today's slides which are posted on our website


And so there is some type of delay against expectations for both of those mills. But I don't really have much more information probably, Paul, than you do on what's happening there.

and so there is some type of delay against expectations for both of those mills but i don't really have much more information probably all than you do on what's happening there


which I think was a good choice given the quality issues we had way back when and our interest to get the product road maps tightly aligned and using as much Phonak technology as possible,

which i think was a good choice given the quality issues we had way back when and our interest to get the product roadmaps tightly aligned and using as much fonar technology as possible


is where we stand with regard to launches of innovative products, also obviously something to make sure we deliver on this part of the strategy.

is where we stand with regard to launches of innovative products also obviously something to make sure we deliver on this part of the strategy


restricted cash and a net derivative consisting of the expected future cash inflows related to our assumption of the credit risk, and expected future losses of the credit guarantee.

restricted cash and a net derivative consisting of the expected future cash inflows related to our assumption of the credit risk and expected future losses of the credit guarantee


Our work can provide a credentialing that started more than a decade ago. Our portfolio has since grown to include 6 contracts along with a healthy pipeline of additional opportunities.

our work in provider credentialing started more than a decade ago our portfolio has since grown to include 6 contracts along with a healthy pipeline of additional opportunities


Secondly, it will create capital capacity for the group. And thirdly, it will streamline our business and create some business synergies. To get this done, we had to take one-off costs

secondly it will create capital capacity for the group and thirdly it will streamline our business and create some business synergies to get this done we had to take one of costs


Well, that's a great question, and since we have so many equity analysts, I think that's what they get paid to do. I get paid to trade value and operate assets.

well that's a great question and since we have so many equity analysts i think that's what they get paid to do i get paid to trade value and operate assets


Thank you, I just want to take a moment, first of all, and always take the time to thank our almost 5,000 associates across the company for the job they do each and every day. Our record

thank you i just want to take a moment first of all and always take the time to thank our almost 5 000 associates across the company for the job they do each and every day our record


We will maintain discipline in our investments and our quest to transform public safety through technology while building a highly defensible and profitable business for our shareholders. I'll now hand over to Luke to take us through an operational update.

we will maintain discipline in our investments and our quest to transform public safety through technology while building a highly defensible and profitable business for our shareholders i'll now hand over to luke to take us through an operational update


The sales transformation effort is a multi-step process that we believe will take approximately 12 to 18 months to complete fully. We are building a rigorous sales culture.

the sales transformation effort is a multi-step process that we believe will take approximately 12 to 18 months to complete fully we are building a rigorous sales culture


So we're so far away from the markets that it creates somewhat of a disadvantage in terms of supplying substrate. So is it technically feasible? Yes. Is it

so we're so far away from the markets that it creates somewhat of a disadvantage in terms of supplying substrate so is it technically feasible yes is it


timing perspective, the bid date due back to us is 19th of November, and then it's just a question of sorting through the things you need to sort through when you receive the bids,

timing perspective the bid date due back to us is 19th of november and then it's just a question of sorting through the things you need to sort through when you receive the bids


Our top priority here remains to produce strong organic revenue growth across all aspects of our business and leverage our cost structure to generate increasing EBITDA margins.

our top priority remains to produce strong organic revenue growth across all aspects of our business and leverage our cost structure to generate increasing ebitda margins


and then talk about sales lifts, it would concern me, being on the board from a shareholder lawsuit standpoint, that you guys -- I'd want to make sure I disclose as much as I can about

and then talk about sales lifts it would concern me being on the board from a shareholder lawsuit standpoint that you guys -- i want to make sure i disclose as much as i can about


when you clear crude out of the Bakken, the industry, when the crude moves out of the Bakken and goes to the refining centers, you have to look at what are those costs to get the crude out of the area.

when you clear crude out of the bakken the industry when the crude moves out of the bakken and goes to the refining centers you have to look at what are those costs to get the crude out of the


Some of those products could be 4x to 5x more expensive than our base baked on coating, and it is mostly the Middle East areas that can afford that type of a glass window.

some of those products could be 4 to 5 times more expensive than our base baked on coating and it is mostly the middle east areas that can afford that type of a glass lindo


We are working to strengthen our One Allied approach and to drive organic sales growth by making it easier for our customers to do business with us, while also improving our internal efficiency.

we are working to strengthen our one allied approach and to drive organic sales growth by making it easier for our customers to do business with us while also improving our internal efficiency


and benefiting from the Bournemouth Water acquisition, as well as the ramp-up of Viridor's energy recovery facilities underpinning Viridor's growth prospects.

and benefiting from the bournmouth water acquisition as well as the ramp-up of veridor's energy recovery facilities underpinning veridor's growth prospects


deposit pricing in the market moves over time, and it depends on the duration and how our fixed rate loans and deposits roll over and reprice. So it's not a quick formula.

deposit pricing in the market moves over time and it depends on the duration and how our fixed-rate loans and deposits roll over and reprice so it's not a quick formula


So that would be the lion's share. In addition to that, we do see one of our competitors has coughed up a little bit of blood lately in terms of

so that would be the lion's share in addition to that we do see one of our competitors has coughed up a little bit of blood lately in terms of


and some well reactivations. We have undertaken some of that during the second quarter. We've seen results which were beyond our expectation. So again we want to do more of that through the rest of this year.

and some well reactivations we have undertaken some of that during the second quarter we've seen results which were beyond our expectations so again we want to do more of that through the rest of this year


This is an alliance that we believe will showcase the depth and the strength of our Remington line worldwide and begin the process of further strengthening the amazing brand equity inherent to this business unit.

this is an alliance that we believe will showcase the depth and the strength of our remington line worldwide and begin the process of further strengthening the amazing brand equity inherent to this business unit


That's been clear in every discussion I've had with customers. You see it in their strategies and in their announcements where they're reducing their supply chain, often reducing the number of plants they have.

that's been clear in every discussion i've had with customers you see it in their strategies and in their announcements where they're reducing their supply chain often reducing the number of plants they have


We have clearly identified portfolio and product line strategies for how we will win in the markets we serve and have developed 6 operational imperatives that will allow us to achieve excellence in everything we do.

we have clearly identified portfolio and product line strategies for how we will win in the markets we serve and have developed 6 operational imperatives that will allow us to achieve excellence in everything we do


That said, enrollment has been slower than we had hoped in part because of the triple negative space is a very popular space for clinical trials right now with more than 330 studies ongoing worldwide.

that said enrollment has been slower than we had hoped in part because the triple-negative space is a very popular space for clinical trials right now with more than 330 studies ongoing worldwide


I mean, just comparing the segments would be a little more helpful. And then finally, when you guys showed trailing free cash flow numbers in the slide shows before you guys spun out, and then at the Bank of America conference,

i mean just comparing the segments would be a little more helpful and then finally when you guys showed trailing free cash flow numbers in the slide shows before you guys went out and then at the bank of america conference


that plant had been operating for over 1,300 days, right? And we were able to push and push with regulatory people the right to continue to operate that plant longer as we've gotten smarter and better in how we operate and

that plant had been operating for over 1 300 days right and we were able to push and push with regulatory people the right to continue to operate that plant longer as we've gotten smarter and better in how we operate and


A new Viking oil transmission pipeline is being built and should go into service by the end of the year. This will extend the life of the pools in the area and lower operating and transportation costs for the producers.

a new viking oil transmission pipeline is being built and should go into service by the end of the year this will extend the life of the pools in the area and lower operating and transportation costs for the producers


as we told you last quarter, we continue to expect our Healthcare segment to achieve strong revenue growth through a combination of new client wins, additional solutions delivered to existing clients and organic growth.

and as we told you last quarter we continue to expect our healthcare segment to achieve strong revenue growth through a combination of new client wins additional solutions delivered to existing clients and organic growth


the impact of expected share repurchases. We anticipate rail service will continue to improve and that utilization this year will be 1 day better than last year.

the impact of expected share repurchases we anticipate rail service will continue to improve and that utilization this year will be 1 day better than last year


in workflow enhancements. We are in the early stages of this project, but expect to start implementing our streamline process improvements over the next few quarters.

in workflow enhancements we are in the early stages of this project but expect to start implementing our streamline process improvements over the next few quarters


When it comes to packaged meat, we continue to launch new products. And in the second half, they will create greater contribution to the company.

when it comes to packaged meat we continue to launch new products and in the second half they will create greater contribution to the company


So you had a producer then who -- where we went from having a competitive advantage of accessing them through gathering, we now have a competitive disadvantage in that they can go

so you had producer then who -- where we went from having a competitive advantage of accessing them through gathering we now have a competitive disadvantage in that they can go


and may include financial projections or other statements of the company's plans, objectives, expectations or intentions. These matters involve certain risks and uncertainties. The company's actual results may differ materially from those projected or suggested

and may include financial projections or other statements of the company's plans objectives expectations or intentions these matters involve certain risks and uncertainties the company's actual results may differ materially from those projected or suggested


because in a first year of a contract, the variable component is generally a little bit less than it would be in the second or third years because, again, the variable grows based upon

because in a first year of a contract the variable component is generally a little bit less than it would be in the second or third years because again the variable grows based upon


In addition, we continue to see an increase in occupancy cost, including depreciation and amortization as a result of us placing into service additional buildings, especially laboratory-intensive STEM buildings

in addition we continue to see an increase in occupancy costs including depreciation and amortization as a result of us placing into service additional buildings especially laboratory-intensive stem buildings


We believe we have the assets, including human capital, strategy, discipline and financial strength and flexibility, to play a leading role in the provision of this care under any

we believe we have the assets including human capital strategy discipline and financial strength and flexibility to play a leading role in the provision of this care under any


the entire Schlumberger organization is fully primed and ready for the business opportunities and challenges that lays ahead with a clear objective of clearly exceeding the expectations of all our stakeholders.

the entire slumdog organization is fully primed and ready for the business opportunities and challenges that lies ahead with a clear objective of clearly exceeding the expectations of all our stakeholders


of 5.4% in regards to the same quarter of 2017. The improved performance was achieved thanks to a better management in sales and to more sales associated to the World Cup

of 5 4% in regards to the same quarter of 2017 the improved performance was achieved thanks to a better management in sales and some more sales associated to the world cup


and it isn't easy necessarily to get a hold of that cash-back. So our first version of this cash-back user experience, at the end of the month, that money is automatically credit back to the account.

and it isn't easy necessarily to get a hold of that cash back so our first version of this cash back user experience at the end of the month that money is automatically credited back to the account


In addition, we have added a new artistic director overseeing all categories, along with new leads in both product development and production. All 3 of them previously worked with Rea and Christopher to build Vince.

in addition we have added a new artistic director overseeing all categories along with new leads in both product development and production all 3 of whom previously worked with rhea and christopher to build vince


I know data dependent, but if you don't partner out, do you -- I just want to get a sense from you guys as to how aggressive you could be looking to a pivotal study in this unmet need indication.

i know data-dependent but if you don't partner out do you -- i just want to get a sense from you guys as to how aggressive you could be looking to a pivotal study in this unmet need indication


state and I think we're on track to deliver the gas agreement at the end of the first quarter, which is quite rapidly followed by hopefully P'nyang as well

and i think we're on track to deliver the gas agreement at the end of the first quarter which is quite rapidly followed by hopefully pinyang as well


And we have made significant progress in identifying cost savings to apply across our operations and in our offices, which will be a focus of our attention in the second part of this year.

and we have made significant progress in identifying cost savings to apply across our operations and in our offices which will be a focus of our attention in the second part of this year


I remain a believer in the long-term market opportunities that Tim and his team will pursue. AGI is ready for the next stage of development under the next generation of leadership.

i remain a believer in the long-term market opportunities that tim and his team will pursue agi is ready for the next stage of development under the next generation of leadership


the source of expansion to the bottom line as well as a source of funding for us to continue to invest in our brand franchises. Even as our global categories have slowed,

the source of expansion to the bottom line as well as a source of funding for us to continue to invest in our brand franchises even as our global categories have slowed


Price discipline in this segment is extremely important for us. It is an area that we have worked on the last years, tried to professionalize the way we do pricing in this segment.

price discipline in this segment is extremely important for us it is an area that we have worked on the last years try to professionalize the way we do pricing in this segment


Next slide, please. I will be making some forward-looking statements and I encourage everyone to peruse our cautionary statement at their leisure on our website.

next slide please i will be making some forward-looking statements and i encourage everyone to peruse our cautionary statement at their leisure on our website


So historically, Lucara has held both Regular Stone Tenders and Exceptional Stone Tenders, but as of the third quarter we are moving towards a blended

so historically lukara has held both regular stone tenders and exceptional stone tenders but as of the third quarter we are moving towards a blended


So I think it comes down to individual items, and there have been a couple already this season, where we saw some reaction and some early indications and we went out and bought more product for second quarter and the third quarter, but

so i think it comes down to individual items and there have been a couple already this season where we saw some reaction and some early indications and we went out and bought more product for second quarter and the third quarter but


We brought our Chisholm II gas plant into service, increasing processing capacity by 200 million cubic feet a day in the STACK and added incremental customers and contracts to our expanding business there.

we brought our chisholm 2 gas plant into service increasing processing capacity by 200 million cubic feet a day in the stack and added incremental customers and contracts to our expanding business there


do you have the initiatives in place that you're going to train the sales force to get price in this environment and exploit price in this environment? Because that's a key part of maintaining organic growth.

or do you have the initiatives in place that you're going to train the sales force to get price in this environment and exploit price in this environment because that's a key part of maintaining organic growth


in line with the sector, we have seen an increase in the NPL formation in the second quarter. The increase was mainly due to the 2 big ticket commercial files.

in line with the sector we have seen an increase in the npl formation in the second quarter the increase was mainly due to the 2 big-ticket commercial files


We expect Q1 revenues to be flat to slightly up from Q4. With improvements expected in margins and spending, we anticipate our losses will lessen significantly from the Q4 levels.

we expect q1 revenues to be flat to slightly up from q4 with improvements expected in margins and spending we anticipate our losses will lessen significantly from the q4 levels


In Q1 and Q2, we've installed 28 screens in absolute top locations and implemented a smart mixture of local content, news and sports, as well as advertising on the screens.

in q1 and q2 we've installed 28 screens in absolute top locations and implemented a smart mixture of local content news and sports as well as advertising on the screens


and we are working hard and persistently on connecting the various elements to leverage all existing synergies. Bernd will take over now and show in more detail how our financial KPIs have developed.

and we are working hard and persistently on connecting the various elements to leverage all existing synergies bernd will take over now and show you in more detail how our financial kpis have developed


some prepayments and some lower origination activity. Is that -- is this kind of merger related do you think? Is it an aberration to see that kind of number. I guess it's the first part of the question.

some prepayments and some lower origination activity is that -- is this kind of merger related do you think is it an aberration to see that kind of number i guess is the first part of the question


Mike, I just want to ask real quick. You talked about the MAX being more efficient now than when you ordered it. Is that just on fuel burn? And can you talk about how that may have changed, if that's what you were referring to?

mike i just wanted to ask real quick you talked about the max being more efficient now than when you ordered it is that just on fuel burn and can you talk about how that may have changed if that's what you were referring to


Davenport stations, ended up with a little bit stronger political. As you remember, that Wisconsin race turned hot in the last few couple of weeks of the election cycle,

davenport stations ended up with a little bit stronger political as you remember that wisconsin race turned hot in the last few couple of weeks of the election cycle


please understand that some of those will be growth markets for us. And I'm very pleased that we've exited as many of the cities as we have because it has greatly simplified

please understand that some of those will be growth markets for us and i'm very pleased that we've exited as many of the cities as we have because it has greatly simplified


in a market that is really avid for sustainable solutions, especially for the global brands, in the continuous improvement of the company's governance,

in a market that is really avid for sustainable solutions especially for the global brands and the continuous improvement of the company's governance


relationship manager deploy the full scale of our products and services range. We're going to continue enhancing and investing into client experience, deploying our product and services range.

relationship manager deploy the full scale of our product and services range we're going to continue enhancing and investing into client experience deploying our product and services range


as we continue to delever into the rest of the year our reduced leverage and improved credit profile should open up additional favorable financing options for the benefit of shareholders.


offset in part by an increase in capital expenditures compared to last year as we invest modestly in equipment and infrastructure improvements supporting the continued organic growth of the business.


David. So when it comes to pricing, I believe that we're in a world where the consumer decides today. So charging a premium pricing comes back to having the best products.

thanks david so when it comes to pricing i believe that we're in a world where the consumer decides today so charging a premium pricing comes back to having the best products


Upstream and midstream were broadly flat overall, but within this, upstream was positive in Eastern Europe, but declined in the Middle East. And midstream was positive in the Far East as a result of improved pipeline sales.

upstream and midstream were broadly flat overall but within this upstream was positive in eastern europe but declined in the middle east and midstream was positive in the far east as a result of improved pipeline sales


business consistent with our contractual growth. So you would expect us to -- assuming the market firms up, you'd expect us to see some growth in our rental business.

business consistent with our contractual growth so you would expect us to -- assuming the market firms up you'd expect us to see some growth in our rental business


Additionally, overheads increased due to the timing of incentive compensation and higher sales and marketing costs. These impacts were partially offset by improved performance across all product lines.

additionally overheads increased due to the timing of incentive compensation and higher sales and marketing costs these impacts were partially offset by improved performance across all product lines


And it was just the right time for us to go up there and support their growth. It's a bit of walk before you run. I think there are future opportunities for us down the road.

and it was just the right time for us to go up there and support their growth it's a bit of walk before you run i think there are future opportunities for us down the road


can you provide, I guess, a little more detail on why margins in Asia could remain lower than the other regions? Yes, I'm not sure I would point to anything specifically in the last 6 months.

can you provide i guess a little more detail on why margins in asia could remain lower than the other regions i'm not sure i would point to anything specifically in the last 6 months


Now I will turn the call back to Steve. Thanks, Drew. Moving to Slide 13. Within a growing economy, we experienced the effects of a strong industry environment and capitalized on our significant strengths.

now i will turn the call back to steve thanks drew moving to slide 13 within a growing economy we experienced the effects of a strong industry environment and capitalized on our significant strengths


This adjustment reflects LIFO accounting, working in the manner intended, reducing FIFO cost of sales in a declining price environment to value inventory at current replacement cost.

this adjustment reflects lifo accounting working in the manner intended reducing fifo cost of sales in a declining price environment to value inventory at current replacement cost


Although I feel good about the underlying momentum we're seeing in the top line, if organic growth begins to decelerate, you should expect that we will dial back the pace of investments.

although i feel good about the underlying momentum we're seeing in the top line if organic growth begins to decelerate you should expect that we will dial back the pace of investments


We're also incorporating into our design of our facilities certain elements that will make it easier for our guests to order ahead, skip the line and pick up their food quickly and easily.

we're also incorporating into our design of our facilities certain elements that will make it easier for our guests to order ahead skip the line and pick up their food quickly and easily


All subsequent written and oral forward-looking statements attributable to the partnership or persons acting on its behalf are expressly qualified in their entirety by such cautionary statements.

all subsequent written and oral forward-looking statements attributable to the partnership or persons acting on its behalf are expressly qualified in their entirety by such cautionary statements


preferred supplier during the rollout phase. As I recall historically, that was a role that you were able to keep for at least 2 to maybe even 3 years post the launch of the plants before they considered

preferred supplier during the rollout phase as i recall historically that was a role that you were able to keep for at least 2 to maybe even 3 years post the launch of the plant before they considered


We remain committed to our innovation strategy and our mission of delivering important medicines and vaccines that address many of the world's foremost health challenges and global unmet medical need.

we remain committed to our innovation strategy and our mission of delivering important medicines and vaccines that address many of the world's foremost health challenges and global unmet medical needs


I have never really commented on how large it would be. It really does depend on some of the endpoints and some of the statistical parameters that we need to agree with

i have never really commented on how large it would be it really does depend on some of the end points and some of the statistical parameters that we need to agree with the


Although we believe that such statements are based upon reasonable assumptions, you should assume that these statements are subject to risks and uncertainties that actual results may differ materially from those expressed or implied in these forward-looking statements.

although we believe that such statements are based upon reasonable assumptions you should assume that these statements are subject to risks and uncertainties that actual results may differ materially from those expressed or implied in these forward-looking statements


the hardest to replace and have unique characteristic. And on the other hand, have opportunities to improve or expand their offerings, such as mixed use and size, so we can do just that.

the hardest to replace and have unique characteristic and on the other hand have opportunities to improve or expand their offering such as mixed use and size so we can do just that


As is always the case, however, we constantly monitor our financial outlook to ensure it supports our plan for return of capital over the long term.

as is always the case however we constantly monitor our financial outlook to ensure it supports our plan for return of capital over the long term


This momentum has continued into 2018, driven by a great back-to-school season where we picked up wins that benefit our Education, Facilities as well as our Sports businesses

this momentum has continued into 2018 driven by a great back-to-school season where we picked up wins that benefit our education facilities as well as our sports businesses


And so it's probably better as we get closer to those respective playoff runs for us to give you that dynamic relative to who's in the playoffs versus a year ago. But I would say there's nothing of

and so it's probably better as we get closer to those respective playoff runs for us to give you that dynamic relative to who's in the playoffs versus a year ago but i would say there's nothing of


I don't think there's anything different in where the company's results landed outside of the hurricanes versus what we had been expecting over the course of the entire quarter.

i don't think there's anything different in where the company's results landed outside of the hurricanes versus what we had been expecting over the course of the entire quarter


The faster makeup of the connection is partially accomplished by deeper stabbing, meaning there are more threads engaged at the time 2 joints come together, which minimizes damage by more evenly distributing stresses on the connection.

the faster make-up of the connection is partially accomplished by deeper stabbing meaning there are more threads engaged at the time 2 joints come together which minimizes damage by more evenly distributing stresses on the connection


Each production plot clearly depicts that after being placed on jet pump during the quarter, the wells are outperforming the company's prior expectations, which were set by the initial production trends.

each production plot clearly depicts that after being placed on jet pump during the quarter the wells are outperforming the company's prior expectations which were set by the initial production trends


That is what is expiring. We'll continue to do business with DICK'S Sporting Goods in our normal way of doing business for the adidas brand and, of course, also for the Reebok brand. But I do want to clarify this, what has expired or is expiring

that is what is expiring we'll continue to do business with the exporting goods normal way of doing business for the adidas brand and of course also for the reebok brand but i did want to clarify this what has expired or is expiring


Yes, this is Dennis. We believe that the market is coming back. We see a strong fall year. All we're trying to say is that we did have a strong fall of '17 as well. So comparably, it may not look as

yes this is dennis we believe that the market is coming back we see a strong fall year all we're trying to say is that we did have a strong fall of '17 as well so comparably it may not look as


We've also enhanced our balance sheet and manufacturing capacity to meet their purchasing needs and have begun several certification testing programs, some of which we've already completed or are in the final stages of completing.

we've also enhanced our balance sheet and manufacturing capacity to meet their purchasing needs and have begun several certification testing programs some of which we've already completed or are in the final stages of completing


Yes, we look at hedging every week and look at the market conditions and where we are with our cash flows and our balance sheet. We have done more hedging in the first quarter.

yes we look at hedging every week and look at the market conditions and where we are with our cash flows and our balance sheet we have done more hedging in the first quarter


or that you previewed. Is -- what's driving the upside? I didn't quite catch what the upside is. And what brings the growth back down in the fourth quarter, understanding that fuel should improve as well in the fourth quarter?

or that you previewed is what's driving the upside i didn't quite catch what the upside is and what brings the growth back down in the fourth quarter understanding that fuel should improve as well in the fourth quarter


I remain excited and enthusiastic about the opportunity to be leading the new Endo. I want to thank all of our employees for their hard work, dedication and commitment to the company.

i remain excited and enthusiastic about the opportunity to be leading the new endo i want to thank all of our employees for their hard work dedication and commitment to the company


Look, I think it's one of those things that you can always be better at. It's one of the challenges from a continuous improvement perspective that, as leaders and managers, we need to make sure it's -- that people see that data is important and critical.

look i think it's one of those things that you can always be better at it's one of those challenges from a continuous improvement perspective that as leaders and managers we need to make sure it's -- that people see that data as important and critical


We are seeing evidence of market expansion with a couple of seminal publications, including our first mass cytometry publication in a prestigious clinical journal. We will update you on our progress today.

we are seeing evidence of market expansion with a couple of seminal publications including our first mass cytometry publication in a prestigious clinical journal we will update you on our progress today


in -- particularly in the transportation component plant and some material inefficiencies. Moving down to the change in all other, which is the catchall category, was essentially flat,

again particularly in the transportation component plants and some material inefficiencies moving down to the change in all other which is the catchall category was essentially flat


Our broad portfolio of technology and our ability to understand the interaction between materials creation, materials removal and materials modification is tremendously valuable.

our broad portfolio of technology and our ability to understand the interaction between materials creation materials removal and materials modification is tremendously valuable


And we think we have a lot to do with that, as we change our technology, make it may be simpler, easier to use and maybe lower

and we think we have a lot to do with that as we change our technology make it maybe simpler easier to use and maybe lower the


which we expect to come online in the second half of this year and ramp up into 2019. We expect these investments to position us well for growth,

which we expect to come online in the second half of this year and ramp up into 2019 we expect these investments to position us well for growth


deals with that, we have -- is in food. You have a bulk of the market that is very big for us or in tea, black tea, where you have a bulk of the market that is very big for us

deals with that we have -- is in food you have a bulk of a market that is very big for us or in tea -- black tea where you have a bulk of a market that is very big for us


Today's press release is available on the company's website, and a recording of this call will be available on the website at investors.naturalgrocers.com. Now I'll turn the call over to Kemper.

today's press release is available on the company's website and a recording of this call will be available on the website at investors naturalgrocers com now i will turn the call over to kemper


that have helped our adjusted EBITDA improve dramatically since we began this journey in early 2014. Now we are pivoting the company to strengthen our partnerships with our customers and suppliers

that have helped our adjusted ebitda improve dramatically since we began this journey in early 2014 now we are pivoting the company to strengthen our partnerships with our customers and suppliers


at Dreamforce. But at the end of the day, where we see the world going is we have -- we're providing to our customers the ability for them to have that unique customer experience.

at dreamforce but at the end of the day where we see the world going is we have -- we're providing to our customers the ability for them to have that unique customer experience


in particular trying to mitigate the currency exposure that this business has, but at the same time focusing on business development and strategic growth initiatives, which is absolutely crucial for our business.

in particular trying to mitigate the currency exposure that this business has but at the same time focusing on business development and strategic growth initiatives which is absolutely crucial for our business


And we've just been able to squeeze out a little bit longer term of revenue. Things have just performed a little bit better. Gary? That business is proving to be a little more resilient than a lot of people thought.

and we've just been able to squeeze out a little bit longer term of revenue things have just performed a little bit better gary that business is proving to be a little more resilient than a lot of people thought


was 6x, up from 4.9x in the prior quarter on higher bookings. We view this ratio as one of the key operating metrics used by management to evaluate the effectiveness and validation of our strategy

with 6x up from 4 9x in the prior quarter on higher bookings we view this ratio as one of the key operating metrics used by management to evaluate the effectiveness and validation of our strategy


While there are many highlights from the quarter, I would like to speak briefly about 3. We continue to expand our addressable market and broaden our base at a torrid pace

while there are many highlights from the quarter i would like to speak briefly about 3 we continue to expand our addressable market and broaden our base at a torrid pace


This first section or segment is designed to help make the electric grid more reliable and secure for customers throughout the region and provide substantial savings for New York consumers.

this first section or segment is designed to help make the electric grid more reliable and secure for customers throughout the region and provide substantial savings for new york consumers


from a vertical perspective within our lending area. However, just because of the scale of the opportunities on the CRE side, it's likely that they continue to have a little bit of an outside

from a vertical perspective within our lending area however just because of the scale of the opportunities on the cre side it's likely that they continue to have a little bit of an outsized


corporate transient trends to continue. I guess, what precisely do you mean by that? Do you -- just for that segment, do you sort of see that as almost flat over the prior year? Is that declining slightly? I just wanted to be more specific about how you're thinking about it.

corporate transient trends to continue i guess what precisely do you mean by that do you -- just for that segment do you sort of see that as almost flat over the prior year is it declining slightly i just want to be more specific about how you're thinking about it


So it's kind of an anomaly, if you try to look at the first quarter and the second quarter. Plate was unusually strong in the first quarter. Not -- and we pulled some out of the second quarter into the first quarter is pulling from the fourth quarter,

so it's kind of an anomaly if you try to look at the first quarter and the second quarter plate was unusually strong in the first quarter not -- and we pulled some out of the second quarter into the first quarter is pulling from the fourth quarter


In summary, we had another excellent quarter highlighted by our first quarterly profit and are tracking to a highly profitable second half of 2016. With that,

in summary we had another excellent quarter highlighted by our first quarterly profit and are tracking to a highly profitable second half of 2016 with that


we are backing them up with other medium and heavy aircraft models. This is actually proving the strength of the diversity of our helicopter fleet. And the Gulf of Mexico, we are the only truly diversified heavy helicopter operator

we are backing them up with other medium and heavy aircraft models this is actually proving the strength of the diversity of our helicopter fleet in the gulf of mexico we are the only truly diversified heavy helicopter operator


And that is an exciting prospect for them as well. So I think the value proposition for forklifts is very high. And I think you're correct. In those other industries,

and that is an exciting prospect for them as well so i think the value proposition for forklifts is very high and i think you're correct in those other industries


through our precision controlled launch leading up to resupply. As we have previously stated, we remain on track to have full scale inventory levels in the second half of 2018 following PMA approval of the Vesta facility,

through our precision-controlled launch leading up to resupply as we have previously stated we remain on track to have full-scale inventory levels in the second half of 2018 following pma approval of the vested facility


I have no idea how they do what they do. It's very difficult to sit here and try to analyze their data on a month-to-month and quarter-to-quarter basis and try to figure out what the gaps might be. So

i have no idea how they do what they do it's very difficult to sit here and try to analyze their data on a month-to-month and quarter-to-quarter basis and try to figure out what the gaps might be


Security remains on track with the forecast we provided in the last quarter's guidance. Margins for the full year expected to be generally consistent with the prior year on relatively flat organic revenues.

security remains on track with the forecast we provided in last quarter's guidance margins for the full year are expected to be generally consistent with the prior year on relatively flat organic revenue


I'm encouraged by the progress we are demonstrating in monetizing Venmo, and I'm confident it will generate significant revenues and profits in the years ahead.

i'm encouraged by the progress we are demonstrating in monetizing venmo and i'm confident it will generate significant revenues and profits in the years ahead


the diversity of our portfolio given that we've got so many different geographies in which we operate as well as so many different product offerings that we have. But those are the 2 things that stand out.

the diversity of our portfolio given that we've got so many different geographies in which we operate as well as so many different product offerings that we have but those are the 2 things that stand out


a multitude of all those sort of things. And again, no one can predict the future, but I suppose I look at the track record and the long-term consistency and, hopefully, that backs up some of the commentary I'm making.

a multitude of all those sort of things and again no one can predict the future but i suppose i look at the track record and the long-term consistency and hopefully that backs up some of the commentary i'm making


Upgrading their networks also allows the MSOs to compete for their fair share of the data backhaul markets which will continue to grow as consumers continue to digitalize their lives.

upgrading their networks also allows the msos to compete for their fair share of the data backhaul markets which will continue to grow as consumers continue to digitalize their lives


such as higher labor expense for annual inflation and higher volume handled in our warehouse, additional support to our new stores in the network and expense in IT to improve the network performance.

such as higher labor expense for annual inflation and higher volume endil in our warehousing additional support to our new stores in the network and expense in id to improve the network performance


can you fill out more this clarity point and what really gives you confidence that this significantly derisks future years? And is there enough clarity at this point where you can actually

can you fill out more this clarity point what really gives you confidence that this significantly derisks future years and is there enough clarity at this point where you can actually


Before we begin, we'd like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict.

before we begin we'd like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks uncertainties and assumptions that are difficult to predict


to some extent, that distributor has been outgrowing you, even though they are still in negative territory. So I would like to understand why it seems you may be lagging there,

to some extent that distributor has been at growing you even though they are still in negative territory so i would like to understand why it seems you may be lagging there


is about structural changes leading to such fluctuations. Q3, according to the trend,

it's about structural changes leading to such fluctuations q3 according to the trend


we're really precluded from commenting specifically on any acquisition package, whether it's already been transacted on or potentially could be transacted on for a variety of reasons. But

we're really precluded from commenting specifically on any acquisition package whether it's already been transacted on or potentially could be transacted on for a variety of reasons but


in early 2017. We also have other new and interesting investigational products that we are going to be presenting at medical conferences.

in early 2017 we also have other new and interesting investigational products that we are going to be presenting at medical conferences


All right. We have no further questions in the pipeline, so we would like to conclude today's call. Thank you very much for your participation, and have a good day.

thank you very much all right we have no further questions in the pipeline so we would like to conclude today's call thank you very much for your participation and have a good day


Then you get the cocoa mass, and this production is done in the industrial area of Olten. So if you pass by, by the train, you smell it and you see it.

then you get the coco mass and this production is done in the industrial area of ulten so if you pass by by the train you smell it and you see it


more appropriately reflect the ongoing operations of the business. A reconciliation of these amounts is provided in the press release, our accompanying slide deck and our quarterly report on Form 10-Q.

more appropriately reflect the ongoing operations of the business a reconciliation of these amounts is provided in the press release our accompanying slide deck and our quarterly report on form 10-q


Those elements can and do frequently change. Please consider our comments in light of the risks and uncertainties surrounding those elements including the risks we identify in our filings.

those elements can and do frequently change please consider our comments in light of the risks and uncertainties surrounding those elements including the risks we identify in our filings


down from last year. Is -- should we think of it short of in line with the June quarter? Or how should we think about what you're realizing on the gallons you're producing?

down from last year is -- should we think of it sort of in line with the june quarter or how should we think about what you're realizing on the gallons you're producing


We were able to achieve these strong results despite certain headwinds, including lower custom tooling sales, passing through lower resin cost and softness in certain markets.

we were able to achieve these strong results despite certain headwinds including lower custom tooling sales passing through lower resin cost and softness in certain markets


specific percentages on a per quarter bases are always somewhat volatile. But we do see a further progress in business driven by the bundling in SME, growth of IT and new services, and of course, an improving

specific percentages on a per quarter basis are always somewhat volatile but we do see further progress in business driven by the bundling in sme growth of it and new services and of course an improving


Our inventory purchases and investments in rental assets are flexible and tightly managed to market demand. In addition, we expect our inventory turns to continue to benefit from further supply chain improvements.

our inventory purchases and investments in rental assets are flexible and tightly managed to market demand in addition we expect our inventory turns to continue to benefit from further supply chain improvements


Just a bit of a feel as to how competitive you think it's going to be? Or how successful, to your point, Pat, you're not going to cost save your way out of this. So it's got to be about putting the top line up. I think

just a bit of a feel as to how competitive you think it's going to be or how successful -- to your point pam you're not going to cost save your way out of this so it's got to be about putting the top line up i think


Our capital expenditures this year includes strategic investments to improve productivity and yields at our sawmills, increase pulp production and reduce costs

our capital expenditures this year includes strategic investments to improve productivity and yields at our sawmills increase pulp production and reduce costs


Our team did a great job leveraging this increased volume and focusing on continuous improvement initiatives to improve operating margin by 5 percentage points compared to last year's fourth quarter.

our team did a great job leveraging this increased volume and focusing on continuous improvement initiatives to improve operating margin by 5 percentage points compared to last year's fourth quarter


that was not included in our retax pre -- in our recast pretax earnings for the fourth quarter of 2016. We expect our provision for taxes on distributable earnings

that was not included in our retax -- in our recast pretax earnings for the fourth quarter of 2016 we expect our provision for taxes on distributable earnings


those of you who know us over a great many years, know that we have been very disciplined in how we purchased companies, and we intend to remain disciplined. And so

those of you who know us over a great many years know that we have been very disciplined in how we purchase companies and we intend to remain disciplined and so


we believe the recessionary comments, conversations with all of the experts have been significantly overblown, especially as it relates to the customers -- to our customers,

we believe the recessionary comments conversations with all of the expert have been significantly overblown especially as it relates to the customers to our customers


So we are confident enough that the refinance activity will be so robust in the years ahead because of all the capital raised in the space that's causing that spread compression in the CLO market.

so we are confident enough that the refinance activity will be so robust in the years ahead because of all the capital raised in the space that's causing that spread compression in the clo market


even in some places that are a little bit tight. And so our focus is really just on how much of our product we can get on the ground, how quickly in the remainder of the year.

even have some places that are a little bit tight and so our focus is really just on how much of our product we can get on the ground how quickly in the remainder of the year


that we had previously been. And that had a disproportionate impact on the profitability of those businesses that have a certain fixed costs base that is serviced by the scale of their operations.

that we had previously been and that had a disproportionate impact on the profitability of those businesses that have a certain fixed cost base that is serviced by the scale of their operations


how are you going to -- how you're trying to balance that? Can you do positive fee operating leverage with this outlook? Or is it just going to be one of those, hey, we got to make it through this and then the longer term, we come back to it as the market improves?

how are you going to -- how are you trying to balance that can you do positive fee operating leverage with this outlook or is it just going to be one of those hey we got to make it through this and then the longer term we come back to it as the market improves


resulting in our second half industrial operations likely remaining similar to that of the first half of 2017. A strong First Nations partnering strategy has been the foundation of our company since inception.

resulting in our second half industrial operations likely remaining similar to that of the first half of 2017 a strong first nations partnering strategy has been the foundation of our company since inception


The Holmes Approved Homes program focused on the integration of the right building products, technology and building practice to construct a home that goes beyond residential standards from construction to final inspection.

the homes approved homes program focuses on the integration of the right building products technology and building practice to construct a home that goes beyond residential standards from construction to final inspection


Many of the integrated programs begin with the target identification capabilities of our Early Discovery business and encompass other Discovery sites as the program advances.

many of the integrated programs begin with the target identification capabilities of our early discovery business and encompass other discovery sites as the program advances